Hard-hit Mineral Resources in purgatory as investors await board probe on Ellison payments

Hard-hit Mineral Resources in purgatory as investors await board probe on Ellison payments

Mineral Resources’ hard-hit shares are facing a stint in purgatory while the company’s board decides whether chief executive and co-founder Chris Ellison’s early financial dealings with the listed group warrant a sanction.

The stock, already hammered lower by this year’s subdued commodity prices, plunged 14 per cent in heavy trading on Monday as investors mulled the potential fallout from revelations Mr Ellison evaded tax for years on overseas businesses he co-owned before MinRes floated on the Australian Securities Exchange in 2006.

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